Latest News
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ABL to Provide MWS Services to Saipem for Libyan Offshore Gas Field
Energy and marine consultancy ABL has been awarded a contract to provide marine warranty survey (MWS) services to Saipem, to support the marine transportation and installation (T&I) operations relating to Libya’s Bouri Gas Utilisation Project (BGUP).The BGUP envisages an upgrade of offshore platforms and facilities at the Bouri gas field, which lies 120 kilometers northwest of Tripoli in 145 to 183 meters water depth.The upgrade will improve the field’s overall carbon footprint with significant reductions of its CO2 emissions.Saipem has been awarded the engineering, procurement, construction, installation and commissioning (EPCIC) contract for an approximately 5000 tonnes gas recovery model onto the existing DP4 offshore facility.The contract includes the laying of 28 kilometres of pipelines connecting the DP3, DP4 and Sabratha platforms.“We are really pleased to be appointed to support Saipem on this project – following a long history of successful collaboration with the company. The BGUP project seeks to improve delivery and production of natural gas to Libya, with potential to supply further in North Africa. It is an important energy infrastructure project for North Africa as a whole,” said Sergio Leone, ABL’s MWS project manager and business development manager.Under the terms of the contract, ABL will conduct technical reviews and approvals of all project documentation, drawings and calculations relating to warranted marine operations.The company’s scope of work also includes suitability surveys and other marine assurance deliverables relating to the proposed fleet, as well as potentially DP trials, where required. ABL will also provide on-site attendances to review and approve warranted marine operations.The main heavy lift operations will be executed by Saipem’s semi-submersible crane vessel Saipem 7000.“Whilst the project will be managed from our operational HQ in London, on-site attendances and vessel surveys will be supported by our extensive marine surveyor footprint across Europe and North Africa. We also benefit from an established market presence and MWS track-record in neighbouring Egypt,” added Shai Tzucker, Energy Operations Director for ABL in Europe and West Africa.
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Interocean Nets Marine Services Contract for Three UK Offshore Wind Farms
Specialist provider of offshore support services Interocean Marine Services has secured a three-year contract to provide marine vetting and assurance to the Morgan, Mona and Morven offshore wind projects.The offshore wind farms are being developed under a joint venture between BP and Energie Württemberg AG (EnBW).Morgan and Mona are located in the Irish Sea approximately 22-37 kilometers from the coast, covering a combined area of approximately 580 km2.Situated in the North Sea, approximately 60km from the coast of Aberdeen, Morven spans an area of approximately 860 km2, with water depths varying from 21 to 76 meters.With a total projected generating capacity of 5.9 GW – enough to power the equivalent of around six million UK households every year – the three wind farms are expected to play a role in achieving the UK’s target of 50GW of offshore wind capacity by 2030.“We are thrilled to have been chosen to contribute to projects of such national importance. As a UK headquartered company, we take immense pride in supporting initiatives that have the potential to enhance energy security and benefit local communities,” said Alex Reid, Interocean’s Chief Operations Officer.
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PMI shows that the non-oil sector in UAE expanded strongly in January.
A survey released on Wednesday showed that the UAE's private non-oil sector expanded strongly at the beginning of 2025 despite capacity challenges and competition. The S&P Global UAE Purchasing Managers' Index, adjusted for season, was 55.0, which is slightly lower than December's nine month high of 55.4, but still well above the 50.0-mark, indicating growth. The business activity and new order indexes rose strongly, mainly due to the favourable market conditions. However, at a slower pace. In January, it slowed down slightly, as the sub-index for new orders dropped from 59.3 in December. David Owen, Senior Economic Analyst at S&P Global Market Intelligence, said: "Robust growth in new business and expansion of existing businesses, as well lower inflation in input costs, suggests the economy is in good shape." Input cost inflation dropped to its lowest level in 13 months, allowing companies to increase their purchases. However, capacity pressures continued, and backlogs increased at the fastest rate since eight months. Owen noted that "strong competition and cash-flow concerns arising from backlogs of heavy orders have appeared to sow doubt in the minds of firms as to their ability to continue to increase revenues." The total level confidence is at its lowest since December 2022. Dubai's separate index fell to 55.3, down from 55.5 in December. Businesses reported better conditions but had tempered expectations about future activity. (Reporting and Editing by Christina Fincher).
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Stocks of China's tungsten producers rise on Beijing's latest restrictions
On the first trading day after the Lunar New Year's holiday, markets responded to Beijing’s new critical controls on mineral exports. China announced that it would limit the export of five minerals used in defence, clean-energy and other industries, including tungsten, bismuth and tellurium. This is to "protect national security interests". Xiamen Tungsten and Chongyi Zhangyuan Tungsten climbed more than 3%. CMOC jumped over 1% at 0206 GMT. Prices have risen in the past when China imposed export restrictions on other minerals of importance, such as August 2023. This was to signal their newfound importance. Once they obtain export licenses, some Chinese exporters can also take advantage of the anticipated rally in overseas prices. Tungsten, an ultra-hard material, is only outshined by diamonds in terms of strength. It is used to produce artillery shells and armour plating, as well as cutting tools. According to the United States Geological Survey, China will produce over 80% global tungsten in 2023. Analysts and traders claim that while tungsten is available outside of China, certain products for the aerospace and defense industries are limited in their non-Chinese equivalents. Sian Morris is a non-ferrous metals expert at Argus. She said that the export controls for APT and tungsten carbide could be most affected, as there are very few alternatives to tungsten used in aerospace and defense applications. APT is used to produce various tungsten-based products. Since the beginning of Russia's conflict in Ukraine, China has increased its share of global tungsten demand.
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Iron ore fails due to Sino-US tariff concerns and a sluggish China economy
The price of iron ore futures fell on Wednesday, as investors worried about heightened tensions in trade between the U.S. As of 0316 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange slipped 0.62% to 804 yuan ($110.37). The benchmark March Iron Ore traded on the Singapore Exchange fell by 0.85%, to $104.15 per ton. Analysts at ANZ said that "Sentiment will likely suffer" as Chinese markets reopen, and they react to the tariffs on commodities. The additional 10% tariff imposed by President Donald Trump on all Chinese imports went into effect on Tuesday. China responded quickly to the new U.S. tariffs by imposing tariffs on U.S. imported goods, reigniting the trade war between two of the world's largest economies. ANZ also added that "The steelmaking raw materials will be in the spotlight... Chinese iron ore market are likely to come into pressure amid concerns about weaker export-driven demand." Beijing's latest measures include a 15% tax on U.S. Coal, a key ingredient in steelmaking. A private sector survey revealed that China's service activity expanded at a lower pace in January even though the business climate improved. A separate survey revealed that the growth of factory activity in the country also slowed. Rio Tinto said that on the supply side it has begun to clear iron ore vessels from two Western Australian port as two tropical storms off-shore complicate its attempts to repair infrastructure damage caused by a last month cyclone. Rio warned in January that disruptions to rail operations due to record rainfall could affect its first-quarter shipment. Coking coal and coke, which are both steelmaking ingredients, lost ground on the DCE. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 1.36%, hot rolled coil dropped 1.7%, and wire rod was down 0.84%. Stainless steel, however, gained almost 1%. ($1 = 7.2844 Chinese Yuan) (Reporting and editing by Sumana Niandy; Reporting by Michele Pek)
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Gold reaches all-time-high on Sino-US Tariff War
Gold prices reached a record-high on Wednesday. This was boosted by fears of another trade war between China and the United States after Beijing imposed tariffs on U.S. goods in response to U.S. duties. As of 0253 GMT the spot gold price was up by 0.2% to $2,848.69 an ounce after reaching a session high of $2.853.97. U.S. Gold Futures rose 0.2% to $2.879.70. U.S. president Donald Trump said Tuesday he was not in a hurry to talk to Chinese President Xi Jinping about the trade tensions that exist between the two world's largest economies. In a measured reaction to Trump's tariffs, China imposed targeted duties on U.S. imported goods on Tuesday, and warned several companies including Google of possible sanctions. Ilya Spirak, global macro head at Tastylive, said that the next inflection point is likely to be $3,000 for gold. If the trade war escalates, China might feel more inclined to continue buying gold as a reserve. Three Federal Reserve officials said on Monday that the Trump administration’s plans to impose trade tariffs could lead to inflation. One of them argued that the uncertainty surrounding the price outlook would call for a slower rate cut than usual. Gold is considered a hedge against inflation, but higher interest rates may dampen its appeal to investors. Investors will be watching for the ADP Employment Report due on Thursday at 1315 GMT, and the Payrolls Report on Friday. Both reports could provide more insight into the U.S. economic health. Spivak said that "gold demand should be partially supportive of other precious metals, but their sensitivity towards risk appetite has led them to underperform." Spot silver increased 0.2% per ounce to $32.15; platinum rose 0.3% to $966.95 and palladium dropped 0.9% to $881.75.
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Shanghai copper reduces tensions between the US and China
Shanghai copper prices fell on Wednesday, as trading resumed following the Lunar New Year holiday. Fears of a deterioration in trade tensions with the United States and China, the world's largest metals consumer, dampened market sentiment. By 0201 GMT, the most active copper contract at the Shanghai Futures Exchange had fallen 0.4%, to 75,280 Yuan ($10,332.85) per metric ton. China's markets closed for Lunar New year from January 28 to February 4. China imposed tariffs Tuesday on certain U.S. goods in response to the new U.S. duties imposed on Chinese products. The move raised the stakes of a showdown in the global economic battle between the two largest economies, even as Donald Trump granted reprieves for Mexico and Canada. This means that China’s exports to America will be subjected to an additional 10% tariff. It should not cause any distortions, as only a little under 4.5% of China’s copper and aluminum exports are sent to the US," Commerzbank wrote in a report. China's package of retaliatory actions included tighter export regulations on tungsten, amongst other metals. The market will focus on whether China announces additional stimulus measures to boost the economy amid concerns over the tariff dispute with United States and persistent fears about demand in the second largest economy of the world. The price of three-month copper at the London Metal Exchange increased by 0.2%, to $9171.5 per metric ton. Aluminium for the three-month period fell by 0.3% to 2,630.5. LME zinc remained at $2,807.5 per ton. Tin increased by 0.3% to $30370. Lead rose 0.2% to 1,974 while nickel grew 0.7% to 15,370. SHFE aluminium increased 0.2% to 20,275 Chinese yuan per ton. Nickel fell 0.5% to 23440 yuan. Zinc eased 0.8% at 23,440 yuan. Lead gained 1.9% at 17,025 yuan. Tin advanced 1.4% at 251,660 yuan. ($1 = 7.2855 Chinese yuan) (Reporting by Anushree Mukherjee in Bengaluru; Editing by Subhranshu Sahu)
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Oil prices remain unchanged as the market ignores China's tariffs, but Iran's pressure is still a factor.
The oil prices were little altered on Wednesday, after volatile trading the previous session. Investors shrugged off China's tariffs against U.S. imports of energy. President Donald Trump's renewed efforts to eliminate Iranian crude exported provided some support. Brent crude futures fell 18 cents or 0.24% to $76.02 per barrel at 0210 GMT. U.S. West Texas Intermediate (WTI), a crude oil produced in the United States, lost 9 cents or 0.12% to $72.61 Oil traded across a range on Tuesday, with WTI dropping at one point to its lowest level since December 31, after China announced tariffs against U.S. imports for oil, natural gas liquefied and coal as retaliation for U.S. duties on Chinese exports. The prices rebounded after Trump reinstated the "maximum-pressure" campaign against Iran that he had enacted during his first term, which cut Iranian crude oil exports to zero. Goldman Sachs analysts said that the impact of China’s retaliatory duties on energy prices would be limited, "given that China’s tariffs do not change global supply or demand for these commodities," in a Tuesday note. The note stated that both countries would be able find other markets. Analysts at ANZ, citing data on ship tracking, said that while Trump had said he would be open to a possible deal with Iran, he also expressed a willingness for him to speak to the Iranian leader. The plan, they said, could have an impact on the 1.5 million barrels of oil per day the country exports. The U.S., which is the largest oil consumer in the world, also saw a rise in crude and fuel stocks. According to sources citing American Petroleum Institute data, crude stocks increased by 5,03 million barrels during the week ending Jan. 31. According to sources, API reports that gasoline inventories increased by 5.43 millions barrels and distillate stock fell by 6.98million barrels. The official U.S. Government oil inventory data will be released Wednesday.
Nigeria says its Warri Refinery is back after a years of closures
Nigeria stated on Monday it had resumed some operations at its Warri oil refinery after practically a. decade of shutdowns, among a string of longrunning failures. that have left Africa's largest crude exporter importing most of. its fuel.
The federal government has actually assured to revive its moribund. refineries which have been hit by years of overlook, damage and. allegations of mismanagement.
This plant is running. We have not completed 100%, Mele. Kyari, head of the state oil company NNPC, said throughout a tour of. the center with federal government authorities, regulators and. journalists.
The 125,000 barrel-per-day (bpd) refinery - whose closure in. 2015 was blamed on disrepair and crude shortages - was now. running at 60% capability, according to a declaration signed by. presidential spokesperson Bayo Onanuga.
4 state-owned refineries with a combined capacity of. 445,000 bpd - the 110,000 bpd Kaduna plant in the north and. 3 units in the oil-rich Niger Delta consisting of Warri, have. been closed for several years.
Last month, NNPC - the Nigerian National Petroleum. Corporation - stated it had restored the 60,000 bpd Port Harcourt. refinery in the Niger Delta. It had actually planned to revive all four. this year.
A privately-owned 650,000 bpd Dangote oil refinery constructed by. Nigerian billionaire Aliko Dangote in Nigeria's commercial. capital Lagos began operations this year.
(source: Reuters)